Dogecoin (DOGE), the largest memecoin by market cap, has witnessed an increase in whale activities over the last day. This comes as they collectively accumulate millions of DOGE. As a result, investors might be looking to recover all the losses they recorded over the last few days.
The price of DOGE has dropped significantly within the last week, precisely by 11.88% following the global crypto market downturn. The sharp decline ignited a wave of bearish sentiment across the market as investors began to lose confidence in the future of the token. However, all that might change as large investors are beginning to show optimism with the recent whale activity data.
Whales Accumulates 900 Million DOGE
According to recent data from Santiment, a crypto intelligence tool, the addresses holding between 10 million and 100 million Dogecoins have collectively bought over 900 million tokens (valued at $129 million) in the last seven days. Consequently, the value of the coin might get a positive impact as such staggering accumulations often trigger bullish movements across the market.
Source: Santiment
Following this, the total DOGE held between these whales has amounted to 18 billion. While the market is currently down, the whales are seizing the opportunity to top up their holdings pending a potential rally to print gains. What is more, the 30-day MVRV of -7.4% for Dogecoin shows profitability, which could result in more accumulation.
In the past, Dogecoin has recovered because rallies are frequently preceded by MVRVs between -5% and -13%. This leads to the designation of this region as an accumulation opportunity zone. Thus, the data suggests that the price of Dogecoin might be ripe for a recovery.
Dogecoin (DOGE) Price Movement Amid Whale Activity
Meanwhile, Dogecoin is currently undergoing a period of decline as its value has dropped significantly in the last 24 hours. According to data provided by CoinMarketCap, DOGE is currently trading at $0.142, representing a 4.47% drop over the last day. Additionally, its trading volume within the recorded time has also suffered a hit, dipping by 19% to $957 million.
Source: CoinMarketCap
DOGE has traded between the range of $0.1407 and $0.1498 in the last 24 hours, signifying an 80.5% drop below its all-time high of $0.73 reached in May 2021. According to expert predictions, the DOGE price could likely be prime for a recovery in the coming days if it can breach the $0.15 support again. If this happens, it could clear the road for an upward trajectory to the $0.17 zone.
The post Dogecoin Whales Accumulate Millions, Could this Affect the Value of the Token? appeared first on Coinfomania.